The Distorted Market for Woke Capitalism
The founder of modern economics, Adam Smith, was no fan of the merchants of his time. He regarded them as among the most responsible for how “the mercantile system,” as Smith called it, accorded legal privileges to politically connected producers over the interests of consumers. Nor did Milton Friedman have a particularly sympathetic view of the business leaders of late-twentieth-century America. “The two greatest enemies of free enterprise in the United States,” he wrote, “have been, on the one hand, my fellow intellectuals and, on the other hand, the business corporations of this country.”
